Did Microsoft Just Promise Us Holographic Real Life Minecraft?

Microsoft is swinging for the fences with their newest attempt to re-establish their role as the Final Boss of the tech industry. Their latest pitch is that they're the ones who will bring fully-functional transparent augmented reality glasses to the masses. Imagine if Google Glass and the Oculus Rift had a baby... then they gave that baby a fistful of horse steroids and a marketing budget. The highlight of the video came with a casual shoutout to Microsoft's most popular brand (sorry, Surface 2 RT) as they casually suggest that you could use the rig to make Minecraft a reality without stranding yourself on a deserted island. The only thing I know for certain is that they keep incorrectly calling the technology "holographic", but if it actually works I'll call it whatever they want.

What do you think? Does Microsoft have the magic touch to make this a reality, or is it all going to float away to the great vaporware museum in the sky like so many other projects?